Boston, MA -- (SBWIRE) -- 09/06/2012 -- Singapore's pro-business and pro-enterprise environment enabled global investors to access the country's financial services industry. Unlike other South Asian countries, the Singaporean life insurance segment generates business largely from the domestic market, although some business comes from overseas markets including China, Japan, Australia, New Zealand and Hong Kong. The economic conditions in neighboring countries therefore influence the life insurance segment in Singapore, and these have improved since the global financial crisis in 2009, increasing the demand for life insurance products including unit-linked, pension and other investment-linked products.
- In Singapore, life insurance companies have adopted several strategies to access the uninsured population, and have also designed multipurpose products to serve high net worth individuals (HNWIs) in the country.
- The rising number of HNWIs provides a unique opportunity for life insurers to develop customized products; HNWIs tend to buy insurance products which can provide life cover with an investment option, and therefore have a tendency to buy unit-linked products, which provide a modest return on investment with a life coverage option.
- Singapore's population is aging rapidly, and the older age group accounted for 9.9% of the country's total population in 2011. This is expected to grow at a rapid rate of 5.8% annually from 2012 to 2020.
- Demand for life insurance products is expected to grow rapidly due to the low interest rates offered by local banks on saving products, offering scope for investment-linked insurance products.
- The life insurance segment is expected to post stable growth over the forecast period. This will be driven by the positive economic development in Singapore, which is projected by the International Monetary Fund (IMF) to record a CAGR of 4.7% over the forecast period.
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This report provides a comprehensive analysis of the life insurance market in Singapore:
- It provides historical values for the Singapore life insurance market for the report's 2007-2011 review period and forecast figures for the 2012-2016 forecast period
- It offers a detailed analysis of the key sub-segments in the Singapore life insurance market, along with market forecasts until 2016
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
- It analyses the various distribution channels for insurance products in Singapore
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Singapore for life insurance business
- It provides a detailed analysis of the reinsurance market in Singapore and its growth prospects
Companies Mentioned in this Report: NTUC Income Insurance Co-operative Limited, Great Eastern Life Assurance Co Ltd., Prudential Assurance Company Singapore (Pte) Ltd, American International Assurance Company, Limited (Singapore), Aviva Ltd, Manulife (Singapore) Pte, Ltd, Overseas Assurance Corporation, HSBC Insurance (Singapore) Pte Limited, Tokio Marine Life Insurance Singapore Ltd, Axa Life Insurance
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